The data on Real GDP shows that
A. real GDP growth is almost exactly constant
B. real GDP rises and falls. It has tended to rise for longer periods and more quickly than it has fallen, and therefore, has risen through time.
C. real GDP rises and falls. It has tended to fall for longer periods and more quickly than it has risen, and therefore, has fallen through time.
D. real GDP rises and falls. It has tended to rise and fall equally and has remained roughly constant over time.
Answer: B
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Refer to Figure 7-1. At the efficient equilibrium
A) economic surplus is maximized. B) economic surplus is zero. C) economic surplus is negative. D) economic surplus is minimized.
In an economy with production function Y = 1.5 × , K = 343, and L = 512. If factor markets are in equilibrium, then the rental price of capital is (approximately) ________, and the real wage is (approximately) ________
A) 0.5; 0.8 B) 7; 8 C) 0.9; 1.35 D) 1.4; 0.4 E) 0.6; 0.9
The long-run supply curve for a competitive constant-cost industry is:
a. horizontal. b. vertical. c. upward-sloping. d. downward-sloping.
Mention the reasons behind the de-integration of American Steel producers